The Bank of Canada has started its new role supervising Payment Service Providers (PSPs) as outlined in the Retail Payment Activities Act (RPAA). This mandate aims to strengthen Canadians’ trust in the safety and reliability of payment systems.
As part of this responsibility, the Bank is now overseeing nearly 1,500 PSPs that have applied for compliance under the RPAA. These providers must meet regulatory requirements focused on risk management and protecting end-user funds.
National security screening for applicants remains under the Department of Finance’s oversight. The Bank will publish a Registry of PSPs, updating it regularly as screenings are completed and names are shared by the Department of Finance.
A spokesperson from the Bank stated: “The Bank was given this mandate with a view to enhancing the confidence of Canadians in the safety and reliability of payments systems.”
Updates regarding these developments will be posted on the Bank’s website as more information becomes available.
